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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
THE ELDER-BEERMAN STORES CORP.
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(Name of Issuer)
Common Stock, no par value per share
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(Title of Class of Securities)
284470101
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(CUSIP Number)
James D. Bennett, Bennett Management Corporation
2 Stamford Plaza, Suite 1501, 281 Tresser Boulevard, Stamford, CT 06901
(203) 353-3101
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 8, 2000
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(Date of Event That Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box: |_|
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes).
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SCHEDULE 13D
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CUSIP No. 284470101 Page 2 of 5 Pages
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<S> <C>
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
James D. Bennett
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)
(b)
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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7 SOLE VOTING POWER
None
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NUMBER OF
SHARES ---------- --------------------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY
EACH 1,319,823/1/
REPORTING ---------- --------------------------------------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH None
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10 SHARED DISPOSITIVE POWER
1,319,823/1/
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,319,823/1/
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.86%
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14 TYPE OF REPORTING PERSON*
IN
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/1/ James D. Bennett ("Mr. Bennett") shares beneficial ownership of as well as
voting and dispositive power with respect to 905,000 of the shares with
Bennett Restructuring Fund, L.P. Mr. Bennett shares beneficial ownership of
as well as voting and dispositive power with respect to 414,823 of the
shares with Bennett Offshore Restructuring Fund, Inc.
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Item 3. Source and Amount of Funds or Other Consideration.
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905,000 of the shares of Common Stock were purchased by BRF in open
market transactions at an aggregate cost of $5,419,652.90. 414,823 of the shares
of Common Stock were purchased by BORF in open market transactions at an
aggregate cost of $2,854,639.38. The funds for all purchases of Common Stock
made by BRF or BORF, respectively, came from such entity's own funds. No
leverage was used to purchase any of the Common Stock.
Item 4. Purpose of Transaction.
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The shares of Common Stock beneficially owned by Mr. Bennett were
acquired for investment purposes. Mr. Bennett, BRF and/or BORF may acquire
additional shares, dispose of all or some of the shares from time to time, in
each case in open market transactions, block sales or purchases or otherwise, or
may continue to hold the shares.
In Mr. Bennett's prior Amendment to this Schedule 13D, Mr. Bennett
noted that he, BRF and BORF had become aware of the supplementary proxy
materials filed by the Company on Schedule 14A on July 20, 2000. On August 21,
2000, the Company filed its definitive proxy materials on Schedule 14A, which
definitive proxy materials set forth substantially the same director nominations
and amendments to the corporate governance provisions as had been described in
the Company's supplementary proxy materials filed in late July.
Based upon a review of the definitive proxy materials filed by the
Company, Mr. Bennett continues to believe that the measures set forth in the
Settlement Agreement, dated as of July 19, 2000, by and among the Company, PPM
America Special Investments Fund, L.P., PPM America Special Investments CBO II,
L.P., PPM America, Inc., Snyder Capital Management, Inc., and most of the
Company's directors (the "Settlement Agreement"), represent positive steps by
the Company to increase shareholder value as well as a positive response to
longstanding shareholder concerns. Thus, Mr. Bennett, BRF and BORF already have
voted their shares (by proxy) in support of the nominees proposed by the Company
for election to the Company's Board of Directors and in support of the proposals
set forth in the Settlement Agreement to be made at the Company's Annual
Meeting.
Furthermore, Mr. Bennett, BRF and BORF have encouraged the Company to
embark on a self-tender offer or similar stock buyback program. On August 29,
2000, the Company announced its intention to commence a tender offer for up to
3,333,333 shares of Common Stock at prices not greater than $6.00 per share
nor less than $4.50 per share. On September 8, 2000, the Company began the
self-tender offer. Mr. Bennett strongly supports the Company's decision to
commence this self-tender offer.
Item 5. Interest in Securities of the Issuer.
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As of September 13, 2000, Mr. Bennett is deemed to beneficially own
1,319,823 shares of Common Stock. Mr. Bennett shares beneficial ownership and
voting and dispositive power with respect to 905,000 of the shares with BRF. BRF
is the record owner of such shares. Mr. Bennett shares beneficial ownership of
and voting and dispositive power with respect to 414,823 of the shares with
BORF. BORF is the record owner of such shares. Based on the issuer's Tender
Offer Statement, filed on Schedule TO on September 8, 2000, 14,893,114 shares of
Common Stock were outstanding as of September 1, 2000. Therefore, Mr. Bennett is
deemed to beneficially own 8.86% of the issued and outstanding shares of the
Company's Common Stock. BRF and BORF have purchased a total of 193,500 shares of
Common Stock since the filing of Mr. Bennett's last Amendment to this Schedule
13D. Schedule I to this 13D filing provides certain information with respect to
those purchases.
(d) Not applicable.
(e) Not applicable.
Item 7. Material to be Filed as Exhibits.
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1. Schedule I
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: September 13, 2000
/s/ James D. Bennett
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James D. Bennett
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SCHEDULE I
ELDER-BEERMAN STOCK TRANSACTIONS
OF BRF AND BORF SINCE THE DATE OF
THE FILING OF MR. BENNETT'S LAST
AMENDMENT TO THIS SCHEDULE 13D
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Trade Date Type of Transaction Number of Shares Trade Amount Price per Share
Purchased/Sold
<S> <C> <C> <C>
08/09/00 Purchase 2,500 8,775.00 $3.51
08/10/00 Purchase 50,000 175,025.00 $3.50
08/15/00 Purchase 10,000 35,850.00 $3.585
08/16/00 Purchase 9,000 32,830.00 $3.65
08/22/00 Purchase 10,000 33,975.00 $3.40
08/30/00 Purchase 2,000 8,815.00 $4.41
08/30/00 Purchase 25,000 109,400.00 $4.38
08/31/00 Purchase 25,000 111,462.50 $4.46
09/06/00 Purchase 9,000 40,705.00 $4.52
09/08/00 Purchase 51,000 231,162.10 $4.53
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